Hi Everybody,
The TS3 sell on the Russell Index yesterday was a good example of how the more Advanced Traders among you can use the additional tools in MTPredictor to help in their Trade Management.
As you can see from the chart, the TS3 short trade on the Russell was “within a whisker” of the first main profit target, but it did not quite reach it. So how could have you managed the trade ? Well, we all should know that “impulsive” waves unfold in 5 swings, so what we can do is look at the decline from the TS3 sell using the minor Elliott waver to see the minor pattern. Here we can see that the TF was in the 5th wave, so we knew that this decline was probably nearing an and, even though it had not quite reached the main profit target.
So the sensible thing to do was to simply trail the stop at the bar highs. This would have banked a nice +4.7R Profit (ignoring slippage and commission). AS we have seen form all these posts, sometimes trading is about using a “sense” and feel for how the market is currently unfolding, rather than following a strict set of rules. This is why good trader, with experience, will always be able to outperform a computer that only can follow one set of rules. And in MTPredictor you have the tools to use to help you grow into that advanced and experienced trader.
Thanks, Steve
The TS3 sell on the Russell Index yesterday was a good example of how the more Advanced Traders among you can use the additional tools in MTPredictor to help in their Trade Management.
As you can see from the chart, the TS3 short trade on the Russell was “within a whisker” of the first main profit target, but it did not quite reach it. So how could have you managed the trade ? Well, we all should know that “impulsive” waves unfold in 5 swings, so what we can do is look at the decline from the TS3 sell using the minor Elliott waver to see the minor pattern. Here we can see that the TF was in the 5th wave, so we knew that this decline was probably nearing an and, even though it had not quite reached the main profit target.
So the sensible thing to do was to simply trail the stop at the bar highs. This would have banked a nice +4.7R Profit (ignoring slippage and commission). AS we have seen form all these posts, sometimes trading is about using a “sense” and feel for how the market is currently unfolding, rather than following a strict set of rules. This is why good trader, with experience, will always be able to outperform a computer that only can follow one set of rules. And in MTPredictor you have the tools to use to help you grow into that advanced and experienced trader.
Thanks, Steve
